A quadratic eigenvalue problem (QEP) was posed in order to study the dynamics of flexible cylinders in cross-flow, simulating slender offshore structures such as risers, catenaries or tendons. The Euler–Bernoulli equation was used to model the structure assuming a fluid loading model, and yielding a quadratic eigenvalue problem that included a form of damping dependent not only on the structural damping itself, but also on the free stream velocity and the fluid force coefficients. We solved the QEP using the finite element method. We also derived a simplified analytical solution in this work for comparison with the QEP, however this solution does not consider changes in tension along the length of the cylinder as the QEP does. In our study, the QEP solutions were first validated against the simplified analytical solution, and also against a well-known experimental dataset obtained in 2003, in which a flexible circular cylinder model was used to model the dynamics of a riser undergoing multi-mode vortex-induced vibrations.